Prepare journal entries for land, stock exchange, capital costs

1. Land was given to the company by the State of Florida to use as a manufacturing facility site. The market value of the land at the time of the donation was $102,000.

2. Addition land and buildings were acquired in exchange for 15,000 shares of company stock. The property including land and buildings was appraised at $1,090,000. The appraisal applied $200,000 to the land and the remainder to the buildings. The stock is not publicly traded but sales in the prior year were for $75 per share and $68 per share.

3. An entry is needed to record materials, labor and overhead that are allocable to machinery constructed. These costs have been charged to the materials, labor and overhead manufacturing accounts.